Indian Oil Lines Up Rs 8,000-Cr Projects For 1998-99

Indian Oil Corporation (IOC) has slated implem-entation of a set of projects, estimated at a cost of Rs 8,000 crore, for 1998-99. A memorandum of understanding to this effect was signed yesterday with the government in New Delhi. Of the seven major projects targeted for close monitoring, two involve an expenditure of about Rs 4,600 crore and are slated for completion by the year end. The secondary units of the Panipat refinery are scheduled for commissioning in the third quarter of 1998-99. The diesel hydro desulphurisation project units at the Haldia, Gujarat, Mathura and Panipat refineries have a combined cost of Rs 1,776 crore. IOC has set a higher target for gross margins by over 36 per cent compared with the previous year. Even the target for processing crude is up by over 17 per cent compared to 1997-98.